- Crypto investor John Woeltz charged in New York for allegedly kidnapping and assaulting an Italian man to obtain Bitcoin access.
- The victim was reportedly held for weeks in a rented Soho townhouse and subjected to physical abuse after refusing to provide his Bitcoin wallet password.
- Authorities found evidence at the scene, and the victim escaped and alerted police, leading to the arrest of Woeltz and a 24-year-old woman.
- The case highlights a rise in violent crimes targeting crypto holders and increased demand for personal security among industry figures.
- Incidents in Europe, such as kidnappings in France, have prompted enhanced protections for crypto entrepreneurs.
A New York crypto investor faces serious criminal charges after police say he kidnapped and tortured an Italian tourist in a failed attempt to steal digital assets. John Woeltz, age 37, was arrested Friday and was arraigned the next day in Manhattan criminal court. Officials allege Woeltz held a 28-year-old Italian man captive for weeks inside a luxury Soho townhouse, reportedly rented for $30,000 per month.
According to police records reported by The New York Times, the victim arrived in the United States on May 6 and was abducted soon after by Woeltz and an alleged accomplice. The attackers took the victim’s passport and electronic devices, then demanded access to his Bitcoin wallet. When the man refused, he suffered repeated physical abuse over several weeks.
The victim told police that he was electroshocked, beaten, threatened with a firearm, and even dangled from the upper floors of the building. He also claimed Woeltz used a saw to cut his leg and forced him to smoke crack cocaine. Threats were allegedly made against the victim’s family. Police said photographs recovered from the property, including Polaroids, support these accounts. The victim escaped Friday and contacted law enforcement, resulting in arrests.
Woeltz faces four felony charges, including kidnapping for ransom. He pleaded not guilty and was ordered held without bail. Judge Eric Schumacher set his next court appearance for May 28. A 24-year-old woman was also detained but was seen free the following day; no public charges against her appear in court records. Police have not clarified the suspect’s relationship with the victim or revealed if any cryptocurrency was ultimately stolen.
There is a growing pattern of violent attacks against people in the crypto industry. Private security firms in Europe are reporting higher demand for bodyguards and long-term protection. In January 2025, David Balland, co-founder of wallet company Ledger, was kidnapped in France but later rescued by police. In a separate May 2024 incident, French law enforcement freed the father of a crypto entrepreneur, who had been held for ransom by an organized criminal group.
French authorities have recently increased security measures for crypto executives and their families, offering extra police assistance and security briefings. This follows a series of violent kidnappings and ransom attempts across the industry.
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